>>> Mamba: Finam may consider acquiring Mail.Ru's stake (translated)

Mamba: Finam may consider acquiring Mail.Ru's stake (translated)
25 APR 2018
Russian investment company Finam may consider acquiring Mail.Ru Group’s [LSE:MAIL] stake in Mamba, although Mail.ru has not submitted such a proposal, reported Vedomosti, citing Finam President Vladislav Kochetkov.
Mail.Ru, the Russia-based Internet holding, owns a 31.19% stake in Mamba while the rest belongs to Finam, the online version of the Russian daily reported on 24 April.
Kochetkov's comment came in response to a query about buying out a stake in Mamba from Mail.Ru.
Mail.Ru has lowered the valuation of its stake in Mamba by 47% the item reported, citing the holding’s annual 2017 financial statements. The book value of the asset for 2017 decreased from RUB 584m (USD 9.4m) to RUB 308m, the financial statements show. The Mail.Ru press office refused to comment on the plans in regard to Mamba, according to the report.
Mail.Ru acquired its stake in Mamba from Finam in 2007 for USD 18m.

>>> Europe premarkets

ML

SHIRE – Says willing to recommend $64bn Takeda offer (4000).................+8%
KERING – 1Q Rev. EU3.11b vs Est. EU2.81b; Gucci Drives Growth (451).........+3%
STM – Q1 revenues in-line, EBIT 3% ahead at $290m, EPS 11% ahead (18).....+2/3%
WHITBREAD – Sys intends to demerge Costa,FY ADJ PRET GBP591M,EST580.5M(4311)+3%
CLARIANT – First Quarter Sales 1.8% Above Est., confirms FY18 outlk (25.5)+1/2%
CREDIT SUISSE – 1Q net inc CHF694m vs est 649m as client assets soar(16.52).+2%
STATOIL – 1Q ADJ OPER INC $4.4B, EST$4.54B; ADJ. NET INC $1.5B;EST$1.5B(208)+1%
AIR LIQUIDE – 1Q Rev E5.01b, Est E4.97b; confident to grow net prft ‘18(107)+1%
IBERDROLA – First Quarter Ebitda 1.8% Above Estimates (6.36)................+1%
LINDE – 1Q REV. EU4.04B, EST. EU4.12B, outlook for 2018 confirmed (165).....+1%
METSO – Orders EUR859m, +27% organically YoY and 12% ahead of cons (26.93)..+1%
NORSK HYDRO – 1Q underlying profit NOK2.20bn, estimate NOK2.02bn (51).......+1%
DASSAULT SYS – Small beat, guidance reiterated. Q1 rev €771m in-line (108.7)u/c
DB1 GY – Propose 3 new exec board members to spvy board (111)...............u/c
O2D – 1Q ADJ. SALES EU1.78B, EST. EU1.76B, confirms 2018 forecast (3.927)...u/c
SAFRAN – Post close Zodiac reported inline results (90.48) .................u/c
WORLDLINE - Says 1Q Rev. EU394.1M, Up 5.8% from Year Earlier (40.36)........u/c
CRH – Trading update : LFL sales down but buy back (28.2)...................-1%
OUTOTEC – Orders EUR333m, +10% organically but 3% light of cons (7.13)......-1%
PERSIMMON - Group forward sals, plus sals to date are up 8% at £2.76bn(26.6)-1%
OSRAM – SEES FY EPS EU1.90 TO EU2.10, SAW EU2.40 TO EU2.60 (54.4)...........-6%

MS

 

AENA SM   -2%    EBITDA 3% AHEAD v CONS. BUT RETAIL -1.5% EVEN WITH EASTER AND FCF WORSE.

AI FP     UNCH   Q1 ORGANIC GROWTH 5% v 4.8%. OUTLOOK CONFIRMED

ANTO LN   -2%    PRODUCTION & SALES TOUCH LIGHT v MSe, COPPER DOWN SMALL O'NIGHT

CLN SW    -1-2%  NUMBERS BANG IN LINE W CONS, MIX OK. NOT CHEAP, GOOD RUN INTO TODAY

CSGN VX   +3%    PBT BEAT BY 11% - VERY STRONG NNM - WEALTH MGMT DELIVERING ON ALL FRONTS

HNR1 GY   -2.5%  CITI CUT HANNOVER RE TO SELL FROM NEUTRAL

IBE SM    +1%    Q1 NUMBERS TOUCH AHEAD OF CONSENSUS

KCO GY    +2%    MIXED SET OF NUMBERS / RAISED FY18 GUIDANCE

KER FP    +5-7%  BIG BEAT WITH TOTAL ORGANIC SALES GROWTH +37% VS +23% CONS, DRIVEN BY GUCCI +47% VS +29% CONS

LIN GY    RESTR  ORGANIC GR TOUCH LIGHT v CONS BUT MARGINS AHEAD

LLOY LN   FLAT   NO.S INLINE WITH MS - MARGIN OUTLOOK BETTER WITH PRICING TRENDS IMPROVING

METSO FH  +3-4%  BIG BEAT, MINERALS DIV MGNS WELL AHEAD. SHORT INTEREST c4.7%

NDA SS    -2%    UNDERLYING PROFIT MISS - CAPITAL AHEAD WITH VOLUMES SHOWING SIGNS OF IMPROVEMENT

NHY NO    -1-2%  NUMBERS SMALL AHEAD BUT MIX NOT GOOD. NO RESOLUTION RE BRAZIL. ALUMINIUM DOWN SMALL O'NIGHT

O2D GY    +1%    NUMBERS IN LINE / CONFIRMED OUTLOOK

OSR GY    -5-8%  PROFIT WARNING LAST NIGHT AFTER THE CLOSE / CUT GUIDANCE

REE SM    -0.5%  RESULTS IN LINE WITH CSS, SPAIN BIZ BETTER, NO CONF CALL

SHBA SS   -3%    EARNINGS & CAPITAL MISS - PPOP LIGHTER ON WEAKER TRADING & HIGHER COSTS

STL NO    +1%    Q1 RESULTS IN LINE, FCF VERY STRONG

STM FP    +2%    Q1 REVS IN LINE, RAISE GUIDE

TLW LN    -1-2%  TULLOW 1Q NET OIL OUTPUT 87.7K D/D FY STILL SEEN 82K-90K B/D,NET DEBT FELL TO $3.4B AT END MARCH FROM $3.5B IN DEC

WTB LN    +3%    WILL DEMERGE COSTA. SHARES ALREADY UP ON EXPECTATIONS. DEMERGER WILL TAKE 24 MONTHS. NUMBERS 1% MISS v CONS

 

Shore

SHIRE - board willing to engage with Takeda on new £46bn shares & cash offer+10% COUNTRYWIDE - Q1 group income of £145m down from £162m,Lettings ahead of Q4..-1% NICHOLS - Q1 UK rev ahead of prior yr,Intl sales impacted,maintains g'dance.UNCH CRAWSHAW - FY revs +1%,losses widen,margin -1.5%,confident on repositioning.UNCH METRO BANK - Q1 lending +69%,deposits +41%,PBT +21%,88k new customer a/c'....+2% ANTOFAGASTA - copper production to increase Q-on-Q,FY g'dance unchanged.....UNCH PERSIMMON - Sales rev 2.76b so far 2018,up 8% on yr.Sales position strong....+1% BOOHOO - Fy ptp 51m(est40.9).Fy rev 579.8m(est574.7).No divi payment.........+2% FENNER - H1 rev 351.1m.Op pft 37m.Trading since Jan continues improving trend+2% WHITBREAD - Fy ptp 591m(Est580.5).Rev 3.3b(est3.33b).Costa demerger..........+3% FUTURA MED - Saw positive data from MED2002 PK study........................+10% DEVRO - Says ytd trading in line with forecasts.............................UNCH

CRODA - Says company on track to deliver expectations for year..............UNCH LLOYDS - Q1 EPS 1.5p,miss to est,Tier 1 ratio 14.1%,FY guidance maintained...-2% FRESNILLO - maintains FY silver and gold guidance............................-2%

CRH - LFL -2%,plans EU1bn share buy back programme...........................+1%

 

 

CS

Aena          +1%    Revs inline, EBITDA ahead

Air Liquide  +0.5%   Rev EU5.01b est EU4.97b, confident to grow net profit

Aixtron      -1-2%   Negative read from Osram cutting guidance

Antofagasta  -1-2%   Q1 production light, guidance unchanged, a lot to do though

Atos         -1-2%   Q1 Rev EU 2.95b, confirms 2018 targets

BATS          M/P    FX impact, Profit weighting to be H2 skewed

Boohoo        +5%    FY Revenues 1% ahead, adj EBITDA 5% ahead

Clariant      +1%    Sales 1.8% above estimate, 2018 outlook confirmed

Coface        +1%    Q1 revenues of EUR 344m, +2.1% YoY, confirming guidance

CRH            R     EU 1b share buyback program

Flug Zuerich  +1%    CS UPGRADE to NEUTRAL (Strong growth)

Fresnillo     M/P    Q1 production inline, outlook unchanged

Gjensidige    -3%    Q1 PBT of NOK 727m vs NOK 1.06bn cons

Hannover Re   -1%    CS DOWNGRADE to NEUTRAL (quality priced in)

Iberdrola     +1%    Net looks 3% ahead, Sees 2018 EBITDA above 9b, cons 8.97b

Infineon      +1%    Positive read from STM numbers

Intertek     -1-2%   CS DOWNGRADE to UNDERPERFORM (risky global trade outlook)

Kering       +4-5%   Q1 sales up +37% on comp basis (est +23%)

Kloeckner     +1%    Q1 EBITDA €56m vs cons €54.8m, raising guidance slightly

Lloyds       -2-3%   CET1 light, costs and impairments higher

Mediaset      -2%    FY revenue inline, no dividend

Metso        +3-4%   Q1 orders 12% beat, sales 4% beat, adj EBITA 16% beat

Miners        -1%    Copper -0.25%, Brent -1.40%, Iron Ore +0.10%, China -0.30%

Nordea Bank  -3-5%   Net income EU809M est EU773.9M,FY rev guidance a challenge

Norsk Hydro   -1%    Q1 underlying EBIT 3% beat, revs 4% beat

Novozymes    -1-2%   1Q ebit 1.02bln vs cons 1,017mln

Oils        -1-1.5%  US API crude build of 1m barrels, draw of 1m last week

Osram         -10%   Guidance cut due to uncertain macroeconomic conditions,

Persimmon     M/P    Numbers inline, forward order book +8% YO

Philp Light  -1-2%   Negative read from Osram cutting guidance

Red Elec      M/P    Q1 EBITDA 402.4m, bbg cons. 404.5m, net slightly ahead

Sampo        -1-2%   Negative read from Nordea, they make up 40% of earnings

SGL Carbon    UNCH   Raised net income guidance

Shire        +8-10%  Board willing to recommend 5th Takeda bid worth £49/share

Siltronic     UNCH   Q1 revs €327m cons at €324m, kept FY guidance

SHB          -2-3%   Cost and capital a miss, Q1 net 1% below

Statoil      -2-3%   1Q adjusted net $1.5b est $1.50b, op income slightly light

STM          +2-3%   Net income ahead, gross margin ahead

Tullow        -1%    Strong production, guidance remains unchanged

Volkswagen    -1%    New US probe is in pursuit of individuals

Whitbread    +2-3%   Adj pretax ahead, intends to demerge Costa

Worldline     M/P    Q1 in line, guidance conformed

XXL          -5-7%   1Q Ebitda 51m cons 120.5m, LFL sales 7.8% CS at 10.2%

Zumtobel     -1-2%   Negative read from Osram cutting guidance

Exane

AI FP +1%

APR unch

ATO +1%

BATS LN Flat to -1%

BB +4%

BOO LN +5% to +10%

CAF SM -3%

CLN VX -1%

COFA +2%

COFB +1%

CRDA LN +1%

CSGN SW: +2%

DSY unch

GJF NO: -2/3%

IBE SM +1%

KCO GY +2/3%

KER FP +3% to +5%

LHA GY -2%

LIN GY +1/2%

LOCAL -5%

NDA SS: -2%

NHY NO +1/2%

REE SM +1%

SHBA SS: -3/4%

SHP LN + 7%

STL NO +1/2%

STM +2-3%

TefD +1%

TEP +3%

TKTT -5%

TLW LN +1/2%

WAF GY -1/2%

WIE AV +1/2%

WLN +1/2%

WTB.L +2%

 

MainFirst Pre Mkt Indications

 

*CS-Q1 Net 694m(649),Rev 5.64b(5.49),CET1 Ratio 12.9%,AUM 776b.....+2%

*KERING-Q1 Rev 3.11b(2.81),Gucci +49%(40%),CMD on 7th June.........+5%

*CLARIANT-Q1 Sales 1.72b(1.69),Ebitda 268m(266),o.lk confirmed.....+0.5%

*STATOIL-Q1 Net 1.5b(1.5),OP Inc 4.4b(4.5),Divi 23c,Capex $11b.....+2% *NORSKE HYDRO-Q1 Rev 40b(38.35),Ebit 3.15b(3.06),Pft 2.2b(2.02)....+2%

*ATOS-Q1 Rev 2.95b(2.94),Oraganic Grth 2%,Confirms 2018 targets....-3% *DASSAULT SYS-Q1 Rev 771.2m(775),EPS 59c(57),Q2 Rev s/lite.........+1%

*SILTRONIC-Q1 Sales 327.4m(327),Ebitda 122.3m(124.5),GM 38.1%......+3%

*NORDEA-Q1 NII 1.05b(1.08),F&C Inc 770m(829),NI 809m(773.9)........-2%

*WORLDLINE-Q1 Rev 394.1m(392),FY guidance retained OG 5-7%(6.3)....+1%

*ORKLA-Q1 Rev 9.71b(9.66),Adj Ebit 897m(961.3),PT 886m(1.06).......-1% *STM-NI 239m(234),Rev 2.23b(2.22),GM 39.9%(39.5),H2 steady.........+2% *AIR LIQUIDE-Q1 Sales 5.01b(4.97),Confident to grow Net Pft........+1%

*HUHTAMAKI-Q1 Net Sales 725.2m(749),FY Capex flat,trading stable...-2%

*COFACE-Q1 Rev 344m(348),NI 35.5m(34),OP 58.4m(54),CR 72.5%........+2% *HANDELSBANKEN-NII 7.65b(7.66),NI 4b(4.07),CET1 21.6%(22.6)........-2%

*IBERDROLA-Q1 Net 838m(811.1),FY Ebitda +9b(8.98),Net 3b(2.89).....+2%

*LINDE-Q1 Rev 4.04b(4.12),Ebitda 1.08b(1.01),NI 384m(330)..........-0.5% *VAPIANO-FY Sales 324.7m(332),Ebitda 38.8m(38.57),Capex 78.5m......+1% *MEDIASET-FY Rev 3.63b(3.63),NI 90.5m(121.8),No Div,+ve NI,OP......-2% *TEF DEUT-Q1 Sales 1.78b(1.76),Confirms FY targets.................+0.5%

*TARKETT-Q1 Ebitda 29.8m(42.1),Rev 568m(583),Raw Mats up + FX......-2%

*BIC-Q1 Sales 415.4m(426),NI 48.6M(51),Focus remains on FY.........-3%

*OSRAM-Q2 Rev 1.01B(1.02),Cuts FY Rev 3/5%(5.5-7.5) & Ebitda.......-8%

*HAMBORNER-Q1 Rent 20.4m(17.2),OP 7.2m(7.3),Net 3.5m(3.5)..........-1.3% *KLOECKNER-Sales 1.6b(1.66),Ebitda 56m(54.8),FY OP s/better........-2% *SGL CARBON-Q1 Sales 260-265m,Ebit 11-12m,Confirms FY Ebit.........+0.5%

 

 

>>> Shire suitor Takeda raises offer value to GBP 49 per share; extends official

Shire suitor Takeda raises offer value to GBP 49 per share; extends official takeover offer deadline until 8 May
25 APR 2018
Shire [LON:SHP] and Takeda Pharmaceutical [TYO:4502] agreed to extend the deadline for the Japanese pharmaceutical company to make an official takeover offer to acquire Shire until 8 May from the originally scheduled 25 April, Takeda said in a statement filed to the Tokyo Stock Exchange.
Takeda also announced in the statement that the company has made an improved proposal to acquire Shire for about GBP 49 per Shire share, or for a deal value of about GBP 46bn (USD 64.4bn).
Stock Exchange Announcement
Takeda notes statement by Shire plc regarding revised proposal and extension of PUSU deadline to May 8, 2018
Takeda Pharmaceutical Company Limited (“Takeda”) notes the statement made today by Shire plc (“Shire”) confirming that it has received a revised proposal from Takeda regarding a possible offer for Shire.
Takeda confirms that the revised proposal comprises 0.839 new Takeda shares and USD 30.33 in cash for each Shire ordinary share (the “Revised Proposal”).
Based on Takeda’s share price of JPY 4,923 and the exchange rates of GBP:JPY of 1:151.51 and GBP:USD of 1:1.3945 as at the close of business on April 23, 2018, the Revised Proposal implies an equivalent value of approximately GBP 49 per Shire ordinary share, comprising the equivalent of:
GBP 27.26 in new Takeda shares; and
GBP 21.75 in cash.
On this basis the Revised Proposal is equivalent to a value of approximately GBP 46bn for the entire issued and to be issued share capital of Shire. Shire shareholders would also be entitled to any dividends announced, declared, made or paid by Shire in the ordinary course prior to completion of the possible transaction.
Takeda and its Board have remained disciplined with respect to the terms of the Revised Proposal and Takeda intends to maintain its well-established dividend policy and investment grade credit rating.
At completion, Shire shareholders would own approximately 50 percent of the enlarged Takeda and the new Takeda shares will be listed in Japan and in the US through an ADR program.
The Board of Shire has indicated to Takeda that it would be willing to recommend the Revised Proposal to Shire shareholders, subject to satisfactory resolution of the other terms of the possible offer, including completion of reciprocal due diligence by Shire on Takeda. Accordingly, the Board of Shire will engage in discussions with Takeda in relation to these terms.
The making of any firm offer by Takeda would be subject to the following matters:
agreement of certain other terms of the Revised Proposal;
satisfactory completion of a confirmatory due diligence review by Takeda;
the unanimous and unconditional recommendation of the Board of Shire; and
final approval by the Board of Takeda.
Takeda reserves the right to waive in whole or in part any of the pre-conditions to making a firm offer set out in this announcement.
With the consent of the Panel on Takeovers and Mergers (the “Takeover Panel”), the Board of Shire has agreed to an extension of the relevant deadline under Rule 2.6(c) of the Code until 5.00 p.m. (London time) on May 8, 2018 to enable the parties to conclude their ongoing discussions. This deadline may be extended further with the consent of the Takeover Panel, at Shire’s request, in accordance with Rule 2.6(c) of the Code.
Takeda reserves the following rights in respect of the Revised Proposal:
to make an offer for Shire at any time on less favorable terms or to vary the mix of consideration:
with the agreement or recommendation of the Board of Shire;
if a third party announces a firm intention to make an offer for Shire which, at the date Takeda announces a firm intention to make an offer for Shire, is valued at a lower price than contemplated by the terms of the Revised Proposal; or
following the announcement by Shire of a whitewash transaction pursuant to the Code; and
in the event that any dividend and/or other form of capital return or distribution is announced, declared, made or paid by Shire otherwise than in the ordinary course, to reduce any offer by the amount of such dividend and/or other form of capital return or distribution.
There can be no certainty that any firm offer for Shire will be made.
Link to statement

>>> What to look at today - 25th of April 2018

Asian stocks followed their U.S. counterparts lower as worries about the earnings outlook weighed on industrial and technology shares. The 10-year Treasury yield steadied after piercing the 3 percent level for the first time in four years.
Shares from Tokyo to Hong Kong dropped and equity futures signaled losses may be in store for Europe. U.S. stock futures extended a decline after shares closed lower overnight as a slew of companies considered as economic bellwethers warned on profit forecasts. The dollar climbed back toward its highest since January, while the Aussie and kiwi dollars were weaker. The yen slipped to its lowest since early February and the euro fell. . US After Hours  CREE +8%, SIX +5.6%, MANH +4.9%, TXN +4.7%, RHI +4.4% higher, while TER -10.1%, EW -8.3%, DLB -5.1%, WYNN -2.6% are lower following earnings/guidance

Nikkei -0.28% Hang Seng -1.08% CSI -0.46% Shanghai -0.40% Shenzen +0.12%

Eur$ 1.2208 CNH 6.3119 CNY 6.3119 JPY 109.12 GBP 1.3962 CHF 0.9820 RUB 61.6552 WTI$ 67.56 -0.22%

S&P -0.16% EuroStoxx -0.58% FTSE -0.54% Dax -0.67% SMI -0.39%

Macro :
- Dollar Moving In to the Driving Seat for Assets: Markets Live

Keep an eye on :
- AENA SM : Aena First Quarter Ebitda 2.4% Above Estimates
- AI FP : Air Liquide 1Q Rev. EU5.01b, Est. EU4.97b
- ANTO LN : Antofagasta First Quarter Gold Production 32,300 Oz
- ATO FP : Atos 1Q Rev. +3.7% at Constant Rates; Confirms 2018 Targets
- ATO FP : Atos CFO: Seeks to Expand in the U.S. Among Other Priorities
- BAR BB : Barco to Supply 600 Movie Projectors to Cineworld Group
- BETSB BB : Betsson 2Q Started With Slightly Lower-Than-Average Revenue
- BB FP : BIC First Quarter Net Income EU48.6 Mln
- BIOGB SS : Biogaia First Quarter Net Sales Miss Lowest Estimate
- BMW GY : BMW CEO Says Open to Taking More Than 50% Stake in Great Wall JV, BMW Says 1st All-Electric Core Model Will Be Produced in China
- CLN SW : Clariant First Quarter Sales 1.8% Above Estimates
- COM GY : comdirect 1Q Pretax Profit Beats Highest Est.
- CSGN SW : Credit Suisse Beats Estimate as Client Assets Soar
- DAI GY : Daimler CEO Says No Plans to Change Current JV’s in China: DPA
- DSY FP : Dassault Systemes 1Q Non-IFRS EPS 59C; Est. 57C
- EURN BB : Euronav First Quarter Loss Per Share Wider Than Estimates
- ENX FP : Euronext’s Optiq Fixed Income Segment Has Technical Issue
- FRES LN : Fresnillo Sees Full Year Gold Production 870,000 To 900,000 Oz
- HLDX SS : Haldex First Quarter Operating Profit Beats Highest Estimate
- KER FP : Kering Surfing the Wave as Gucci Flies Again in 1Q: Jefferies
- KCO GY : Kloeckner First Quarter Ebitda Beats Highest Estimate
- LIN GY : Linde First Quarter Revenue Misses Lowest Estimate
- MS IM : Mediaset Full Year Revenue Meets Estimates
- BHY NO : Norsk Hydro First Quarter Underlying Profit Beats Estimates
- NOD NO : Nordic Semiconductor Offering Prices 16.3m Shares at NOK50/Share
- NZYMB DC : Novozymes First Quarter Ebit 3.1% Above Estimates
- ORK NO : Orkla First Quarter Adjusted Ebit Misses Estimates
- OSR GY : *OSRAM CUTS ’18 PROFIT GUIDANCE CITING FX, SLOWER BUSINESS IN 1H
- UG FP : PSA Strategy Can Change Depending on When China Lowers Tariffs
- REE SM : Red Electrica First Quarter Net Income Meets Estimates
- SHBA SS : FCA Found Weaknesses in Handelsbanken U.K. Crime Framework: DI
- WAF GY : Siltronic First Quarter Ebitda Misses Lowest Estimate
- STL NO : Statoil CEO Says Important to Continue to Keep Costs Down
- STL NO : Statoil Says Could Take A $500M Tax Exposure Amid Review
- STB NO : Storebrand First Quarter Net Income Beats Highest Estimate
- STM FP : STMicroelectronics First Quarter Net Income 2.1% Above Estimates
- O2D GY : Telefonica Deutschland Confirms FY Targets, 1Q Profit Beats
- SHP LN : Shire Willing to Recommend Revised Takeda Proposal --> Takeda -7%
- SUBC NO : Subsea Offer for McDermott Isn’t Superior to CBI Deal, ISS Says
- TKTT FP : Tarkett 1Q Adj. Ebitda Drops 42%, Hurt by FX, Raw Material Costs
- TEP FP : Teleperformance 1Q Rev. Falls 3.8%, Hurt by FX; LFL Growth 6.7%
- THULE SS : Thule First Quarter Net Sales Match Estimates
- TIG BB : Takeda Public Takeover Bid for Tigenix to Start April 30 --> 4502 JP -7%
- TOM NO : Tomra First Quarter Ebit Misses Estimates
- TLW LN : Tullow 1Q Net Oil Output 87.7k B/D; Full-Year Forecast Unchanged
- UNA NA : Dutch Govt Memos Hints Unilever Pushed for Dividend Tax Cut: FD
- VAR1 GY : Varta First Quarter Ebitda EU13.5 Mln
- VLK NA : Van Lanschot Kempen 1Q Total Client Assets EU82.7 Bln
- VOW3 GY : Audi Recalls 1.16m Vehicles Worldwide Over Coolant Pump: Reuters
- WIEN AV : Wienerberger First Quarter Revenue EU675 Mln
- WPP LN : WPP’s Read Says Not One Client Seeks to Change Work With Co.: FT
- WTB LN : Whitbread Says Intends to Demerge Costa
- WTB LN : Whitbread FY Adjusted Pretax Profit Beats Highest Est.
- XXL NO : XXL First Quarter Ebitda Misses Lowest Estimate
- SAF FP : Zodiac Aerospace First Half Revenue EU2.1 Bln

>>> US After Hours Summary: CREE +8%, SIX +5.6%, MANH +4.9%, TXN +

After Hours Summary: CREE +8%, SIX +5.6%, MANH +4.9%, TXN +4.7%, RHI +4.4% higher, while TER -10.1%, EW -8.3%, DLB -5.1%, WYNN -2.6% are lower following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: VICR +13.7%, CREE +8%, SIX +5.6% (also announces three more Six Flags Parks coming to China), MANH +4.9%, TXN +4.7%, RHI +4.4%, USNA +4.4%, IPHI +3.9%, SVU +3.5% (to sell eight of its owned distribution centers, representing approximately 5.8 million square feet, to a single buyer for an aggregate purchase price, excluding closing costs and taxes, of approximately $483 million; reports earnings), IRBT +3.2%, DDR +3.1%, MKSI +2.5%, HA +2.2%

Companies trading higher in after hours in reaction to news: MNKD +11% (Mannkind moving higher in extended trading as traders circulate FDA document showing that the agency determined that a REMS is no longer required for Afrezza (insulin human) inhalation powder ), SIX +5.6% (announces three more Six Flags Parks coming to China), SHPG +4.3% (reports that Shire and Takeda preliminary M&A deal could be announced tomorrow)

Semi/chip names are higher (SOXX +0.9%, SMH +0.5%) following TXN / CREE results: XLNX +0.9%, INTC +0.9%, NXPI +0.8%, MU +0.5%

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: TER -10.1%, EW -8.3%, DLB -5.1%, WYNN -2.6%

Companies trading lower in after hours in reaction to news: MNLO -9.5% (discloses that its partners for development and commercialization of serlopitant in Japan have informed that they have decided to halt the recently initiated Japanese Phase 2 clinical trial of serlopitant), SGMO -6.2% (commenced underwritten public offering of $200.0 mln of shares of its common stock), MRTX -4.1% (announces progress of lead programs and provides updated positive clinical trial results for immuno-oncology combination trials), I -0.7% (after outperforming today -- closing up 8% on the day)


>>> Europe : Brokers Upgrades & Downgrades - 25th of APril 2018

>>> Up
* Alkemy Upgraded to Buy at Banca IMI; PT 14.90 Euros
* Buzzi Unicem Upgraded to Add at AlphaValue
* Dassault Aviation Upgraded to Hold at Berenberg
* Disney Upgraded to Market Perform at BMO; PT $100
* Generali Upgraded to Neutral at Citi
* Norsk Hydro Upgraded to Buy at Carnegie; PT 65 Kroner
* Orion Upgraded to Hold at SEB Equities; PT 26 Euros
* Puma Upgraded to Outperform at Raymond James
* SEB Upgraded to Add at AlphaValue
* VW Upgraded to Buy at Jefferies

>>> Down
* ASML Downgraded to Hold at Nord/LB; Price Target 180 Euros
* Fiat Chrysler Downgraded to Hold at Jefferies
* Hannover Re Downgraded to Sell at Citi
* Liberbank Cut to Neutral at GVC Gaesco Beka (ESN); PT 50 Cents
* Munich Re Downgraded to Neutral at Citi
* Prudential Downgraded to Neutral at Citi
* Rheinmetall Downgraded to Neutral at Equinet; PT 118 Euros
* Saipem Downgraded to Underperform at Jefferies

>>> Initiation
* Biofrontera Rated New Buy at Lake Street; PT 8 Euros
* Lekoil Rated New Buy at Numis
* Siemens Healthineers Rated New Sector Perform at RBC
* Siemens Healthineers Rated New Buy at Berenberg; PT 36.50 Euros
* Siemens Healthineers Rated New Equal-weight at Morgan Stanley
* Siemens Healthineers Rated New Neutral at JPMorgan
* *SMA SOLAR INITIATED WITH PT 25 EUROS AT AMPAC

>>> Call